货币价格调控模式下货币市场利率对存款利率的传导效率研究

Research on the Transmission Efficiency of the Money Market Interest Rate to the Deposit Interest Rate under the Currency Price Regulation Model

我国利率市场化改革继续深入,以利率走廊调控和公开市场操作为主的价格型调控模式已经初步建立。基于2007-2018年22家上市商业银行面板数据,采用固定效应估计方法,检验了货币市场利率对商业银行存款利率的传导效应。结果显示:在价格型调控模式下,货币市场利率能有效传导至商业银行存款端;相比于国有大型商业银行,货币市场利率对股份制及城商行的存款利率影响更大;资产规模、净利差等银行异质性特征会影响货币市场利率的传导效率。最后,本文提出相关政策建议。

China’s interest rate market-oriented reforms have continued to deepen,and a price-based regulation model focusing on interest rate corridor regulation and open market operations has been initially established.Based on the panel data of 22 listed commercial banks from 2007 to 2018,a fixed-effect estimation method was used to test the transmission effect of money market interest rates on commercial bank deposit rates.The results show that:under the price-based regulation model,the money market interest rate can be effectively transmitted to the deposit end of commercial banks;compared with large state-owned commercial banks,the money market interest rate has a greater impact on the joint stock system and the deposit rate of city commercial banks;Such characteristics as bank heterogeneity will affect the transmission efficiency of money market interest rates.Finally,this article puts forward relevant policy recommendations.